Ecotality May Have Failed, But The EV Industry Has Not
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Sep. 17, 2013, 10:24 AM
- Electric car-charging company ECOtality (ECTY) has filed for bankruptcy protection, sending its shares plummeting 28.4%.
- Nissan (NSANY.OB) has agreed to provide a term loan of up to $1.25M at interest of 5% a year.
- ECOtality plans to use the money to operate until its assets have been sold in a bankruptcy auction.
- The Chapter 11 filing comes after ECOtality defaulted on a 2015 convertible loan.
- The bankruptcy is likely to stoke controversy given that ECOtality has received $96M of a $115M stimulus grant. (8-K)
Sep. 17, 2013, 7:36 AM
Aug. 12, 2013, 12:59 PM
Aug. 12, 2013, 12:49 PM
- Shares of ECOtality (ECTY -78%) plunge over as the company discloses it may be unable to meet its ongoing obligations and fund its operating losses.
- The company failed to attain the sales volume from its commercial Electric Vehicle Service Equipment segment that was needed to finance its operating losses in H2.
- It may be forced to raise more money, either through an additional equity offering or through extremely expensive debt financing. The shares have been halted five times this morning due to volatily.
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